HK trumps Asia average in luxury spending
Hong Kong - Hong Kong's elite consumers have showed a return to form in the latest Synovate PAX study, with spending on big ticket items coming back in a strong way.
The latest study showed when it concerns luxury and indulgence, 49% of Hong Kong's elite said they would buy a new product or service if it made their lives more enjoyable, this was up 11% compared to last year.
Wine and champagne consumption too has tripled from 9% in 1997 to 27% in 2011 for wine and 3% to 9% for champagne. Across the region, however, it saw much slower growth from 6% in 2010 to 8% in 2011.
Hong Kong spent the highest monthly average on cosmetics, fragrances and cologne at US$143 compared to the regional average of US$91.
A third of the elites in Hong Kong own luxury watches worth more than US$1000+ compared to 16% regionally.
The ownership of quality designer clothes and leather goods, footwear and accessories worth US$1000+ increased from 16% to 21% and 10% to 12% respectively.
The elite are also looking to go out on more leisure trips, this year with 65% going on one or more such trips, up form 54% in 2010.
Regionally car ownership softened from 73% in 2010 to 71% in 2011. But in Hong Kong the ownership among affluent increased from 36% to 42%.
"Indulgences of the elites clearly translate into purchase," Clare Lui, director of Synovate Hong Kong, said.
Elite in Hong Kong are considered early adopters of mobile phones often used for business activities. In 2011 95% said they owned a mobile phone which is a huge surge from 55% in 1997.
Over the course of a year, smartphone ownership doubled from 22% to 48%. However mobiles that are not smartphone's see decline from 88% to 78%.
Hong Kong elite's access to the internet has also doubled over the past 15 years from 45% in 1997 to 89% in 2011, whereas the regional average grew from 30% in 1997 to 82% now.
Ownership of tablets and e-readers was 20% among the Hong Kong elite, whereas in Singapore the number stood at 15%.
HDTV has seen explosive growth as HK's elite embrace new technology, growing from 36% in 2009 to 65% in 2011, with the regional average being 40%.
SLR digital still cameras continue to see popularity in Hong Kong as it saw 14% growth from 27% in 2010 to 41% in 2011. The regional average grew from 25% to 33%.
"Elites in Hong Kong show a strong appetite for new technology to access content, communications and interaction," Steve Garton, global head of media and managing director, media at Synovate Greater China, said.
2011 PAX study surveyed the affluent groups in Hong Kong, Singapore, Korea, Taiwan, Thailand, Malaysia, India, Indonesia, the Philippines, Japan and Australia. In Hong Kong it spoke with 1,747 residents to obtain its results.
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